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Poland: GM Daewoo to acquire 40% stake in FSO

According to Reuters, GM Daewoo Automotive & Technology (GMDAT) plans to acquire a 40% stake in FSO from the Polish government for 238.7 billion Won ($254.5 million).

After the completion of the acquisition, GMDAT will rename the joint venture ‘GM FSO’, the newswire states, while also reporting that GMDAT is unlikely to buy the remaining 60% stake. FSO produces 150,000 vehicles a year. Meanwhile, the Korea Economic Daily claims that GM Daewoo is also considering acquiring a former Daewoo Motor plant in Uzbekistan. However, a spokesman for the South Korean OEM said no decision has been made on the plant purchase as yet. (automotiveworld.com)